As consumer awareness of mobile wallets grows, financial institutions (FIs) may want to consider adopting their own solution. A recent report from Javelin Strategy & Research found 51 percent of consumers would be most likely to adopt a mobile wallet if it was offered by their FI.
Consumers clamoring for a mobile wallet solution from their FI may now have the solution they so desire. Earlier this month, Visa introduced its Digital Commerce App, an issuer-branded payments solution designed to give consumers access to valuable card management services.
As a hosted app, meaning Visa powers and manages the app, this mobile solution simplifies an FI’s process of adopting a mobile solution. It is not necessary for an FI to build its mobile banking app from the ground up, but rather to choose its set of features and options from Visa’s pre-built selection.
By utilizing Visa’s mobile app, FIs can provide key card-management features to their consumers. These include:
- Account and balance information
- Tokenized contactless payments
- Transaction alerts
- Card controls
Already, more than 40 FIs in the U.S. plan to provide Visa’s mobile app to their consumers. TMG has been in conversations with Visa about the app over the last several months. We’re in support of the app and plan to make it available to our FI partners. The FIs that take advantage of this app will have the flexibility to customize the app with their own branding, thus helping to maintain their established brand recognition with consumers.
